Six Sigma:
Six Sigma is the method of choice for reducing variance and eliminating the number of defects that a process produces. Six Sigma relies heavily on statistical analysis and offers an arsenal of tools that analyze current performance and help identify the root causes of problems. Six Sigma can provide the data to justify where and how to make changes to a process. The highly-structured and data-driven nature of Six Sigma helps teams test their solution after they’ve implemented it.

Six Sigma makes a long-term commitment to a process, and it requires commitment from the project teams that practice it. This commitment begins when the team works together to write a charter that defines the objective of the project. It continues as the team sets milestones that will mark progress toward improvement. In the final stages of the project, the team ensures that its influence will be felt long after it is dissolved by creating detailed documentation that explains how users can keep its improvements in place.

Project Management:
Project management is more concerned with getting the project up and running than with fine-tuning its performance. It uses tools like the critical path method to ensure that the project is completed quickly and efficiently.

Project management works better for a one-time implementation of a new process rather than continually improving an existing process. Project management lacks the tools to measure performance and implement solutions for permanent improvement. Instead, it looks at how different components of the project are performing and seeks to improve those that are lagging, rather than focusing on the entire process.

Understanding the difference between Six Sigma and project management helps you discern between the projects that need the long-term guidance of Six Sigma and those that need the quick shot of project management to get them on their feet.

If we combine both of them we will have various benefits :

1. better approach to problem-solving
When the two methods are combined, they can complement each other in many ways. Six Sigma works to remove all the unnecessary tasks or wastes associated with fixing the issue while making sure all aspects of the problem are understood. Meanwhile, PM works to simplify the problem-solving process by applying Six Sigma techniques on a large-scale basis.

2. Higher Return on Investment (ROI)
Generally, if a business earns a return on investment, the project is considered a success. The benefit of Six Sigma and PM is that they can be adopted by many different industries and business environments, and can help provide a lasting improvement in many areas.

Six Sigma can be applied to a variety of industries including manufacturing, business offices, healthcare facilities and financial institutions. Likewise, PM can be implemented in financial, telecommunications, healthcare, insurance and government sectors, to name a few.

Six Sigma and PM don’t have to be separate entities. Although their focus and tactics may be different, their collective methods can help organizations eliminate errors, improve quality and productivity, and optimize, manage and control processes more efficiently.